Tyco
TYC, -0.36%
said it filed the preliminary version of proxy materials with the Securities and Exchange Commission in connection with its proposed separation into three independent companies. Among other things, the company proposed for shareholder approval a post-separation quarterly dividend of 15 cents a share that would be payable to Tyco stockholders on Nov. 15 and then again on Feb. 20, 2013, pending completion of the transaction to break the company into three. The company’s been shooting for completion by the end of September. Read more on Tyco.

Also late Tuesday, Westport Innovations
WPRT, +0.18%
reiterated that it anticipates generating revenue growth of about 50% this year, which would put revenue in a range of between $400 million and $425 million. The Vancouver-based developer of engines designed to run on natural gas reported a first-quarter net loss of $22.6 million, or 44 cents a share, wider than the year-earlier loss of $14.4 million, or 31 cents a share. Quarterly revenue reached $88.6 million from the prior year’s $38.1 million. “Customer interest is expanding rapidly, and we see an array of potential investment opportunities with our global partners,” said David Demers, chief executive of Westport Innovations, in a statement. “Adding to our financial growth, we expect to announce new partnerships in each of our business units this year.”

Along with reporting a narrower net loss and higher revenue for the first quarter, Demand Media
DMD, -2.15%
raised its second-quarter financial outlook. As revised, the Santa Monica, Calif.-based company sees posting a profit of 7 cents to 8 cents a share on an adjusted basis, with revenue projected at $89 million to $91 million. These would compare with above-consensus results for the first quarter: an adjusted profit of 7 cents a share and revenue of $86.2 million.

STEC Inc.
STEC, -1.21%
projected a wider sequential loss for the second quarter, on the heels of reporting red ink for the first quarter that came in worse than management’s earlier expectations. Santa Ana, Calif.-based STEC posted a loss of $10.7 million, or 23 cents a share, for the first quarter, a reversal from the profit of $14.1 million, or 27 cents a share, seen in the comparable 2011 period. On an adjusted basis, the latest quarter’s loss came to 17 cents a share, as revenue fell to $50.4 million, down 47%. In February, STEC had pegged its adjusted loss in a range of 14 cents to 16 cents on revenue of $49 million to $51 million. As for the second quarter, the maker of solid-state drives projected an adjusted loss of 26 cents to 28 cents a share on revenue of $40 million to $42 million.

The board of New Mountain Finance Corp.
NMFC, -2.25%
approved a special dividend of 23 cents a share, payable May 31 to holders of record as of May 21. The move comes as directors of the New York-based company declared a quarterly dividend of 34 cents a share, payable June 29 to holders of record as of June 15. New Mountain Finance paid a dividend of 32 cents a share in the first quarter.

The board of Valassis Communications Inc.
VCI, -2.48%
authorized the Livonia, Mich.-based company to buy up to an additional 6 million shares of common stock, on top of about 1.4 million shares that had been available for repurchase as of March 31 under a prior authorization. Valassis also said it may choose to use more or less than 50% of free cash flow for stock buybacks this year.

The board of SurModics Inc.
SRDX, -1.10%
authorized for repurchase up to $50 million of the Eden Prairie, Minn.-based company’s common stock. This is in addition to $5.3 million remaining under a 2007 stock-buyback authorization, SurModics said.

Unitil Corp.
UTL, +0.00%
said it plans to make a secondary public offering of 2.3 million newly issued common shares under a shelf registration previously declared effective by the Securities and Exchange Commission. Net proceeds are likely to be used to make equity capital contributions to Unitil’s regulated utility subsidiaries and to repay short-term debt as well as for general corporate purposes, the Hampton, N.H.-based company said. Unitil will grant underwriters a 30-day option to buy up to 345,000 additional shares if investor demand warrants.

Tuesday earnings recap

MercadoLibre Inc.
MELI, -0.27%
reported first-quarter net earnings of $19.6 million, or 45 cents a share, up from the prior year’s $14.1 million, or 32 cents a share. Quarterly revenue generated by the Buenos Aires-based e-commerce company reached $83.7 million from $61.5 million. According to the consensus of analysts polled by Thomson Reuters, MercadoLibre had been expected to earn 46 cents a share on sales of $84.3 million. Items sold during the latest quarter rose 38.1% from a year earlier, the company said. MercadoLibre serves 12 Latin American countries including Brazil, Mexico, Argentina and Venezuela.

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